Financial creditors of embattled Jaypee Infratech have decided to give more time to state-owned NBCC and Suraksha group to submit their final bids to acquire the realty firm through an insolvency process.

The two-day voting process, which began on May 27, to decide whether a further extension should be given to both the contenders concluded on Friday evening.

Sources said that members representing 98.54 per cent of the voting rights gave their assent to the proposal to provide a final opportunity to both the resolution applicants to submit their revised bids.

The deadline for submission of the final bids is June 4 and the resolution plans should be compliant with insolvency law and a Supreme Court judgment on March 24.

Over 20,000 home buyers have 56.61 per cent voting rights in the committee of creditors (CoC) and that of fixed deposit holders is 0.13 per cent, while 13 banks have 43.26 per cent voting share.

At its meeting held on May 24, the CoC of Jaypee Infratech decided to defer the voting process on the Suraksha group’s bid. The panel decided to conduct voting on May 27-28 on the topic of allowing both NBCC and Suraksha to submit their final offers.

NBCC had last week written a letter to interim resolution professional Anuj Jain to clarify concerns raised on the treatment of dissenting creditors.